"Oracle VM Server for SPARC, previously called Sun Logical Domains, leverages the built-in SPARC hypervisor to subdivide supported platforms' resources (CPUs, memory, network, and storage) by creating partitions called logical (or virtual) domains. Each logical domain can run an independent operating system. Oracle VM Server for SPARC provides the flexibility to deploy multiple Oracle Solaris operating systems simultaneously on a single platform. Oracle VM Server also allows you to create up to 128 virtual servers on one system to take advantage of the massive thread scale offered by the CMT architecture."
Oracle's Virtualization Blog informed me that they've expanded the use of Oracle VM (OVM) significantly by supporting visualization on the SPARC platform.